Global Electric Vehicle Charging Outlets Market: Share, Industry Size, Growth, Opportunities and Forecast to 2018-2025

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With increasing sales of Electric Vehicles (EVs) paired with the huge support from the local governments, the need for Electric Vehicles Charging Outlet network have increased considerably. Over the past few years several incentives, subsidies and tax rebates have been allowed by the governmental figures to promote zero emission vehicles.

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Global Electric Vehicle Charging Outlets  Market: Insights and Forecast, 2018-2025

Emphasis on Deployment Type, Charger Type, Level of Charging and Mode of Charging

With increasing sales of Electric Vehicles (EVs) paired with the huge support from the local governments, the need for EV charging outlet’s network have increased considerably. Over the past few years several incentives, subsidies and tax rebates have been allowed by the governmental figures to promote zero emission vehicles. The growing focus on green mobility consequently increased the need for easy accessibility of the charging structures to keep them running. Across the world, the local governments have planned to increase the installation base of EVs both at private and public locations. Owing to this, the number of EV charging outlets have increased, however the number of chargers at private location dominate the public segment. The increased ownership of EVs and lack of public EV chargers are attributed to be the major factor for the dominance of private places (home and workplace) in the industry. However the legislative bodies have agreed that the green mobility revolution is possible only with the sufficient availability of the charging systems at public locations. As a result the investment in public EV charging infrastructures have considerably increased. For instance, in February 2018, European Union commission approved US$ 81 million for public electric buses and charging infrastructure in Germany. In addition to this, several local governments also declared to increase the installation base of public EV charging outlets in their respective countries. For instance, in June 2017, South Korean government planned to increase the number of public EV chargers to 3,000 by 2020 and 6,000 by 2025. Similarly, in March 2018, Germany’s new government planned to install 100,000 public EV charging outlets by 2020.

Owing to the substantial promotional packages of government plans, the EV charging outlets industry is anticipated to propel in the years to come. Among different types of chargers, slow chargers are expected to dominate the market however, fast chargers are expected to grow at highest CAGR of 37.1% during the forecast period. Based on power level offered to the EVs, slow EV chargers can be of two type level 1 and level 2 chargers. Level 1 chargers charge the EVs through 120V supply and takes approximately 12 hours to charge a fully depleted battery. On the other hand, level 2 chargers through 240V supply and takes 6-8 hours charging time. The fast chargers or level 3 are known as rapid charger, as they take only 20-30 minutes charging time to completely charge the electric vehicle, however high equipment and installation cost of the level 3 chargers make level 2 chargers more preferred charger type. Level 2 chargers are anticipated to reach 14.11 billion in volume by 2025.

Electric vehicles can be charged through different modes, such as wireless and plug-in charging. The plug-in chargers dominate the market, however, the wireless chargers are steading catching up the speed. As Plugless Power expanded its business to provide its wireless charging kit to BMW i3, Mercedes S550e and Tesla Model S for more than US$ 3,000. Similarly, General Motors is working with WiTricity to test wireless EV charging system in vehicles. Owing to this, the wireless chargers are expected to grow at the fastest rate of 40.5% during the forecast period. Furthermore, across different geographies, Asia Pacific (APAC) dominated the market in 2017 and is expected to remain the largest market for EV charging outlets during the forecast period. The growing market of EVs, supportive governmental programs and initiatives and continuously decreasing cost of batteries, especially in China are attributed to be the major factors behind the highest market share of Asia-Pacific region.

Some of the major key players operating in the global EV charging outlets market includes BYD, EVBox, EVgo, Eaton Corporation., Tesla Inc., ChargePoint Inc., The New Motion, Fortum, General Electric and Schneider Electric. These players are entering into several strategies partnerships, merger-acquisitions, joint-ventures, product launches and business expansions to strengthen their position in the EV charging outlets market. In addition to the tie-ups with governments these companies are also investing in the EV charging infrastructure to increase their presence, in turn market share in the rapidly growing electric vehicle charging outlets market.

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